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Strategies & Market Trends : Tech Stock Options

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To: donald sew who wrote (38506)	4/7/1998 12:38:00 PM
From: Patrick Slevin	of 58727

Yes, it's tough to find a good place to consider a high here. The SP8M high thus far was 11:05 ET, and even that was negative to yesterday's close. I may just cash it in and (perish the thought) buy OEX puts. My only hope left is a rally after 2 that I can get short around 2:25. If that does not happen I shall wait for a break below the (so far) lows in the SP8M, which is 1121.00 and buy puts. I guess on the bright side I have not lost any money. The divergence yesterday was too much for the DJIA to overcome. The futures got twacked, the NASD got twacked, the SPX got a little hurt. Looked as if the fund managers were buying DJIA and traders were saying "Hey, take all ya want. I gotcher Blue Chips Right Here"! I read in Camp this morning that, contrary to the "holiday effect", "last year Thursday immediately before Good Friday tanked -214 points! In fact, Thursdays before Good Fridays have been negative five of the past seven years (71%); with Mondays after Good Friday negative six of the past seven years (85.7%)." Live and learn. I did not check this out, but I see no reason for him to make this up.

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